|
|
|
|
||||
|
||||
Corporate Culture and Shareholder Value in Banking IndustryAlessandro CarrettaUniversity of Rome II - Faculty of Economics Vincenzo FarinaUniversity of Rome II - Faculty of Economics; University of Rome II - Department of Financial and Quantitative Economics Franco FiordelisiUniversity of Rome III, Italy; Washington University, Saint Louis - Olin Business School Paola SchwizerUniversity of Parma 2008 Abstract: This paper analyses the casual relationship between corporate culture and shareholder value using a sample of large banks in the French, German, Italian and U.K. banking systems over the 2000 to 2003 period. Firstly, we measure shareholder value using an Economic Value Added estimated through a procedure tailored to account for banking peculiarities. Secondly, we measure corporate culture using language as its particular artifact and developing a cultural survey based on the application of a text-analysis model to a corpus of reference texts produced by the sample of banks. We posit six hypotheses regarding the relationship between corporate culture and bank profits and shareholder value. Our results noticeably show that bank profits and shareholder value benefit from different orientations of banking corporate culture.
Number of Pages in PDF File: 34 Keywords: G21, D24, M14 JEL Classification: Shareholder value, Economic Value Added (EVA), Corporate culture, Text analysis working papers seriesDate posted: February 15, 2009Suggested CitationContact Information
|
|
||||||||||||||||||||||||
© 2013 Social Science Electronic Publishing, Inc. All Rights Reserved.
FAQ
Terms of Use
Privacy Policy
Copyright
This page was processed by apollo5 in 0.438 seconds
